There were mysteriously large whale transactions in the crypto market that could be a signal for further bullish moves for Chainlink. XRP topped the top 10 list of BSC whales while Ripple carried 510 million XRP. And an altcoin project is showing tremendous net network growth. Ethereum (ETH) price and detailed market data from here you can see.
Altcoin whales wake up after 8 months
After months of flirting with the local support area, Chainlink (LINK) seems in a good position to finally break this with the entry of whales. This comes in the midst of encouraging rallies for several altcoins as the Bitcoin (BTC) price is currently in its eight-month high range. Not only that, another minor rally for Bitcoin from the current level could spur further growth not only for altcoins but also for the crypto market. In this context, it looks like the pocketed tarders are waiting to make the most of their savings when the next rally comes.
When whale assets revive a few months later, it is always the bigger picture that is triggered for cryptocurrencies. Therefore, a breach of the $9.40 support level could potentially be achievable, depending on the amount of LINK tokens being moved. According to Santiment data, the whales made a big LINK move, the biggest in eight months. Interestingly, the $13.01 million LINK token was transferred just hours before the price hit the local support level. Santiment shared:
The $106 million on LINK has been moved to a new whale address, the biggest move since June. This transfer was 4 hours before the price hit $8.34, the highest level since the FTX crash.
Whale activity observed in XRP
Trading volume for Ripple (XRP) has increased by almost 111% as investors consider a potential trend reversal at a time when the altcoin is oversold. Another development, according to Whale Alert, has seen Ripple move more than half a billion tokens through two significant XRP transactions. In the last 24 hours, two major XRP transfers have been detected by Whale Alert. In the transactions, a total of 510 million XRP was transferred, with a total of 244,5 million and 264,500,000 XRP worth $94,379,527 and $102,098,859, respectively.
According to information made public by Bithomp, the sender of both XRP pieces has been identified as crypto giant Ripple Labs. Once some of Ripple’s XRP wealth was allocated, they remained in the backup wallets of the same cryptocurrency company and were sent to an exchange, where they could most likely be sold.
Once a month, Ripple removes a staggering one billion XRP from escrow on the first day of the month. The remaining approximately 800 million XRP is locked until the next release. At the same time, 200 million is given to customers, remittance platforms or financial institutions that use ODL or sell to finance XRP liquidity on exchanges or are sent to customers of Ripple. On Twitter, ‘Mr. Huber” shared a screenshot of a weekly chart showing the price of XRP plotted against all other cryptocurrencies.
The expert points out that while XRP is closing its 12th consecutive red candle, an event last seen in March 2015, it has been in a consistent bearish trend relative to all cryptocurrencies. The chart also shows a triangle pattern characterized by the price shifting to a smaller and smaller range over time, indicating a struggle between bulls and bears until one side gives up and a breakout occurs. In this context, the expert makes the following statement:
The timing of XRP’s poor performance looks interesting ahead of the highly anticipated resolution of the Ripple lawsuit. Yes, I find the timing exciting. So basically it looked worse and is now just before the solution.
Meanwhile, according to WhaleStats BSC, the top 100 investors on Binance Smart Chain (BSC) still hold a significant amount of XRP tokens in their wallets. According to previously published data, the top 100 wallets hold $27,706,198 worth of XRP. Their entire portfolio accounts for 2.4% of this stack.
Lido Finance (LDO) shows massive net network growth
cryptocoin.comLido Finance, the popular liquid staking derivatives platform, is currently experiencing a massive growth spurt amid the hype surrounding this new token type. The platform is seeing an increase in whale-layered transactions alongside an increasing number of users flocking to its network.
LSDs (Liquid Staking Derivatives) are a relatively new type of token that allows stakers to increase their potential returns by unlocking liquidity for staked cryptocurrencies like ETH. These tokens allow stakers to participate in DeFi applications and earn additional rewards without having to redeem their tokens.
The growing popularity of Ethereum staking has been a major factor in the growth of Lido Finance. As more and more users start staking their Ethereum, the demand for liquid staking derivatives has skyrocketed. This has created an ideal environment for platforms like Lido Finance to thrive. One of the key features of Lido Finance is the ability to earn staking rewards daily without any lock-in period or withdrawal fees. This has made the platform an attractive option for users who want to earn rewards without the traditional limitations and restrictions associated with staking.
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